The upcoming FATF meeting on October 22 will once again discuss Russia’s blacklisting. Despite Russia’s clear role as a state sponsor of terrorism, it has managed to avoid the FATF blacklist so far. Western countries must take action, as Russia continues to violate sanctions and engage in illicit activities. Recent economic pressures on Russia, including sanctions on the Russian exchange and tightening of secondary sanctions, have highlighted the need for tighter restrictions.
Sanctions are crucial for weakening Russia’s military capabilities and mitigating its threats to Western interests. The Biden administration could use Russia’s FATF blacklisting as leverage in future peace talks. Furthermore, the evolving threat perception from Russia emphasizes the importance of sanctions in degrading its war-making capabilities.
FATF was established to combat Islamist terrorism but now Russia poses a greater threat. By blacklisting Russia, the West can send a strong message against its alliances with Iran and North Korea. Despite concerns about cooperation in countering terrorism, Russia’s self-interest in combating radical threats remains unchanged. It is time for Western countries to unite and take a stand against Russia’s malign activities.
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